The purpose of this chapter is to:

1. A. Regulate the activities of insurers and insurance producers with respect to the replacement of existing life insurance and annuities; and

2. B. Protect the interests of life insurance and annuity purchasers by establishing minimum standards of conduct to be observed in replacement or financed purchase transactions by:

   1. (1) Ensuring that purchasers receive information to make a decision in the purchasers' own best interests;
   2. (2) Reducing the opportunity for misrepresentation and incomplete disclosure; and
   3. (3) Establishing penalties for failure to comply with the requirements of this chapter.

Authority: Insurance Article, §§2-109 and 27-213, Annotated Code of Maryland

Effective date: May 1, 1962

Amended effective August 1, 1967; March 1, 1968; May 1, 1968

Chapter revised effective January 1, 1980 (6:15 Md. R. 1278)

Chapter revised effective April 1, 1985 (12:3 Md. R. 244)

Chapter recodified from COMAR 09.30.31 to COMAR 31.09.05 effective September 7, 1998 (25:18 Md. R. 1439)

Regulations .01—.12 repealed and new Regulations .01—.12 adopted effective January 1, 2002 (28:15 Md. R. 1401)

Regulation .02B amended effective March 10, 2008 (35:5 Md. R. 642)

Regulation .03B amended effective October 14, 2002 (29:20 Md. R. 1594)

Regulation .06A amended effective October 14, 2002 (29:20 Md. R. 1594); October 8, 2018 (45:20 Md. R. 921)

Regulation .07C amended effective October 14, 2002 (29:20 Md. R. 1594)

Regulation .09B amended effective October 14, 2002 (29:20 Md. R. 1594)